Patrizia has acquired a mixed-use building in Munich, Germany from Rock Capital on behalf of its institutional clients.
The manager has invested an undisclosed amount to buy Lenbachplatz 6, a 3,053sqm listed building built in 1904.
The asset, located in the borough of Altstadt-Lehel, was refurbished in 2019.
Patrizia said the 2,100sqm of office space across five floors is fully let, while the ground floor retail provision is let to luxury furniture retailer Calligaris.
Daniel Dreyer, the head of DACH transactions at Patrizia, said: “With the investment in Lenbachplatz we have acquired an important piece of Munich’s history and a trophy asset in the city centre.
This investment aligns with our strategy of purchasing high-quality core assets in sustainable locations that deliver reliable, long term income to our managed portfolio.
“The property also increases our exposure to one of the strongest real estate markets in Germany and we continue to look for further investment opportunities that meet our Core criteria for this strategy.”
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